To whom it may concern:
This thread is for the discussion of Less Wrong topics that have not appeared in recent posts. If a discussion gets unwieldy, celebrate by turning it into a top-level post.
(After the critical success of part II, and the strong box office sales of part III in spite of mixed reviews, will part IV finally see the June Open Thread jump the shark?)
That would be an insanely stupid thing for anyone to say. Credit cards are very useful if used properly. I agree with mattnewport that the standard advice given in financial books is to charge a small amount every month to build up a credit rating. Also, charge large purchases at the best interest rate you can find when you'll use the purchases over time and you have a budget that will allow you to pay them off.
Well, then I don't know what to tell you. I'd listened to financial advice shows on and off and had read Clark Howard's book before applying for the mortgage back then, and never once did I hear or read that you should get a credit card merely to establish a credit history (and this is not why they issue them). I suspect it's because their advice begins from the assumption that you're in credit card debt, and you need to get out of that first, "you bozo".
And your comment about the usefulness of credit cards for borrowing is a bit ivory-tower. ... (read more)